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mpc: 7 The sterling effective exchange rate index (ERI) had moved little since the previous meeting. The ERI had depreciated in the first part of the month ­ broadly in line with movements in domestic and foreign interest rates ­ but had appreciated against the euro in the later part of the month following the referenda. Once again, sterling had been in the middle of fairly large movements in the dollar against the euro; the dollar had appreciated by over 4% against the euro in the past month.